JetBlue’s $2 Billion Frequent Flyer Debt Sinks To 72 Cents On The Dollar—How Close Is Bankruptcy?

JetBlue’s $2 billion in bonds backed by its TrueBlue frequent flyer program have fallen to 72 cents on the dollar. Investors are demanding an enormous return to lend against one of the airline’s most valuable assets. The airline still has cash and its biggest debt payments aren’t due until. But its lenders are getting nervous.